A reader is disabled and owes a lot of money in student loans. She wants to know if her loans can be forgiven.
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A reader is disabled and owes a lot of money in student loans. She wants to know if her loans can be forgiven.
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A reader is disabled and owes a lot of money in student loans. She wants to know if her loans can be forgiven. minute read.
Andrew Pentis, personal finance expert and certified student loan counselor at Student Loan Hero, responds…
Every borrower faces the challenge of repaying student loan debt, but for someone with a disability and a low-paying government job, the task may seem insurmountable.
With your limited resources, Marie, it would be understandable for you to feel helpless. A $2,600 monthly income will not be enough to pay off your five-figure education debt with that $300 left over.
Fortunately, some of the same roadblocks that are making it difficult for you to repay your loan could act as stepping stones to the goal. Here’s how:
Disability: Are you eligible for loan forgiveness?
Marie, you mentioned getting a $1,100 monthly disability check. However, did you know that you might also be eligible for federal student loan forgiveness?
The Education Department cancels the balance for borrowers who suffered a “total and permanent disability.” You could qualify if the Department of Veterans Affairs certifies that you suffered a complete disability while serving the country. Visit DisabilityDischarge.com to gauge whether you qualify.
Although some lenders, such as Discover, Wells Fargo, and Sallie Mae, to name a few, offer loan cancellation in cases of the borrower’s total and permanent disability, there is no such forgiveness program for private student loans.
Don’t let student debt hold you back! Talk to a student loan debt professional today for expert advice on the best option to get out of student loan debt.
Marie, you might wish that your work for the Florida government brought in more money, but this is another drawback that might turn out to be advantageous. That’s because the Department of Education’s Public Service Loan Forgiveness (PSLF) program entitles government workers to a reprieve.
The downside of this repayment strategy is that you must work for an eligible employer for 10 years – and simultaneously make prompt payments – before forgiveness comes into play. Check out the Education Department’s PSLF Help Tool to confirm you’re fit for the program.
If you’re eligible, keep in mind that you could enroll in income-driven repayment for the decade that you’re working toward PSLF. An income-driven plan would make your monthly payment much more manageable by capping it at a percentage of your discretionary income. The Repayment Estimator from the government’s Federal Student Aid office can help you calculate your potential monthly dues.
PSLF and income-driven repayment, to reiterate, are only available for federal loans and not by private banks, credit unions, or online lenders who may be in charge of some of your loan debt. However, it’s still worthwhile to call your private lenders and inquire about the assistance they provide.
Tight budget: Can you increase your income?
Hopefully, your disability won’t prevent you from earning more money if it doesn’t meet the criteria for “total and permanent” disability to qualify for loan forgiveness.
With such a tight budget, increasing your monthly income is the only surefire way to pay off your debt more quickly. Of course, that’s easier said than done.
If moving up the career ladder in state government is not a viable option, you might consider switching to a higher-paying position in your industry or elsewhere. You could continue working for the government while starting a side business, perhaps one that draws on your experience in the military, to create a new source of income. Some can even be completed using a laptop or smartphone from home.
One more consideration: Is student loan refinancing right for you?
Working with a new private lender could be advantageous if you find yourself ineligible for forgiveness because of your disability or your employment with the government, especially if you already have private loans.
Student loan refinancing can reduce your interest rate if you have strong credit or if you can find a creditworthy cosigner. In your case, Marie, refinancing could also reduce your monthly payment, perhaps until you’re able to increase your income.
Just keep in mind that federal student loans will lose their government-only protections if you refinance them. Therefore, before choosing to refinance, make sure you won’t require access to such benefits as income-driven repayment plans and forgiveness programs, among others.
Choose the repayment solution that delivers the best rewards
You’d be justified in feeling frustrated as you assess your student loan situation. Compared to most borrowers, you have more challenges to overcome.
Still, look at the pieces of your predicament as opportunities. For borrowers working for the government or with a disability, there are loan forgiveness programs. Additionally, there are ways to start heading in the right direction, such as raising your income or refinancing your debt.
Consider all of your options before selecting the one that will enable you to make the largest progress toward the completion of your repayment. If we didn’t give you the information you needed, please let us know so we can fix this page. Let us know if you liked the post. That’s the only way we can improve. Yes No.
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For Student Loan Hero, Andrew is a personal finance expert with a focus on student loans. His work has appeared in 30-plus publications. He is interested in creating actionable content.
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FAQ
Do Wells Fargo student loans qualify for forgiveness?
When a student borrower either passes away or becomes permanently disabled, Wells Fargo offers private student loan forgiveness. becomes totally and permanently disabled.
What company took over Wells Fargo student loans?
Their loans will now be serviced by Firstmark, a division of Nelnet, the student loan servicer with its headquarters in Nebraska.
Do student loans fall off after 7 years?
The default will remain on your credit report for seven years after the final payment date if the loan is fully repaid, but your report will show a zero balance. The default will be erased from your credit report if you repay your loan.
Does Wells Fargo offer student loan repayment?
Both federal student loans and private student loans are eligible for refinancing through Wells Fargo. Loan repayment terms range from five to twenty years, and you can choose between fixed and variable rates.